Their hedge fund has generated an annualised return of 14.2% since inception in August 2001, against a return of 4% from the S&P 500 index - although recent months have been challenging. At the awards Roden pledged to get the fund’s performance back on track.

Heinz’s departure will also complete a generational change at one of the UK’s most successful hedge funds. Its other founder Sir Paul Ruddock retired last year.

Davis and Roden previously worked for Mercury Asset Management, many of whose managers now enjoy success elsewhere. They left Mercury three years after its takeover by Merrill Lynch in 2000.

One individual familiar with Lansdowne said: “Alex will be the managing partner. Stuart and Pete will be general partners.”
Ruddock, chairman of London’s Victoria & Albert Museum, has stepped up his profile as patron to the arts. Heinz has said he intends to develop his family office, based in Austria.

According to an individual familiar with Lansdowne, Davies and Roden’s elevation could mean it could start looking for new hires. However, Lansdowne is unlikely to lower the bar when seeking talent. A rival manager said: “Lansdowne had to shut two hedge funds in 2009. It can’t have been pleasant.”

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According to analysts, the team may need to deal with the sale of Morgan Stanley’s 19% stake in the firm sooner rather than later.

Morgan Stanley bought stakes in several hedge funds prior to the 2008 credit crisis. Some stakes have already been sold.

In February Gregory Fleming, president for asset and wealth management at the US bank, said Morgan Stanley “will monetise remaining hedge fund stakes not consistent with our current strategy over time.” A spokesman could not comment further.

Ruddock and Heinz, who also retain undisclosed stakes in Lansdowne, still advise Lansdowne. Heinz will continue to sit on fund boards, help with startups and develop technology applications.

Several US hedge fund groups, such as Och Ziff and Caxton Associates, have chosen to diversify on the back of successful hedge fund strategies.

However, analysts familiar with Lansdowne said Davies and Roden are more dedicated to achieving returns for investors from their existing funds. They achieve this by concentrating their fire power on a narrow selection of stocks while taking care to hedge their portfolios against risk, when appropriate.

Alex Snow said: “I am fundamentally aware that a good job has been done in building the business. Stability and continuity for the partnership is a key part of our plans for the future.”

Davies and Roden are sensitive to risk. They take care to hedge their portfolio risk when necessary. But their intellectual curiosity could produce changes at Lansdowne at some point.

The two men firmly believe that those companies which disrupt their sectors through innovation can dramatically outperform. They are also well connected. Davies, for example, was best man at the wedding of George Osborne, UK Chancellor, in 1998.

Alex Snow also believes in the power of innovation. After the credit crisis, he slashed back Evolution’s securities arm, but bought a string of wealth businesses, selling the package for £230 million to Investec in 2010. The Lansdowne investor said: “Pete and Stuart’s decision to back Snow shows they aren’t afraid of change.”

The sectors which frequently attract the attention of Davies and Roden comprise technology and banking. Their ten largest long positions include Amazon, BT, Comcast, Google, JP Morgan, Lloyds and Wells Fargo.